EQ #6 – AGEC 105 – October 8, 2012 This EQ is worth 3 points.

Slides:

Advertisements

Similar presentations

Competition in Economics Competition in Economics Abstract models and reality.

Advertisements

Ch. 7. The factors that make it difficult to enter a market will determine the type of market structure Start-Up Costs- Technology-

Economics: Reading Quiz #3 : 10 points

Given that this is zero economic profit, Bud should continue operating. economic cost function, we can conclude that this is an economic profit.

Introduction to Production and Resource Use Chapter 6.

Market Structures. Monopoly  Single seller of a product dominates market  “price makers”/”price setters”  Barriers to entry high  Most newspapers,

Market Structure The concept of market structure simply relates to how much market power or control a particular firm has in affecting the level of market.

Competition and Monopolies

Introduction to Production and Resource Use Chapter 6.

Chapter 8. Market Structures Defined by the number of sellers, the product, how easy or difficult it is to enter the market.

KECSS Ms. Murren Economics 10/24/11

Market Structure Dr.Deepakshi Gupta

Market Structures The different types of markets and the way in which businesses compete.

Monopolistic Competition. Learning Objectives: What is Monopolistic Competition? How is it different from Perfect Competition or Monopoly? How does a.

Competition and Markets

Principles of MicroEconomics: Econ of 21 ……………meets the conditions of:  Many buyers and sellers: all participants are small relative to the market.

Perfect Competition. A market structure in which a large number of firms all produce the same product A market structure in which a large number of firms.

Imperfectly Competitive Markets Monopolistic Competition Oligopoly.

Market Structures Ohh to be a seller in the market of my choice!

OUTLINE Perfect Competition Monopoly Monopolistic Competition

Chapter Sixteen: Markets Without Power. Perfect Competition.

LESSON 9 PERFECT COMPETITION VERSUS MONOPOLY 9-1 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Two Resource Markets.

Chapter 7: Market Structures Section 1. Slide 2 Copyright © Pearson Education, Inc.Chapter 7, Section 1 Introduction What are the characteristics of perfect.

1.How do you face competition in your daily life? 2.How does competition apply to economics in a positive and a negative way? 1.How do you face competition.

CH. 9: MARKET STRUCTURE 1. How much COMPETITION is in a MARKET. 2. CRITERIA A. Market Size A. Market Size B. Product Type B. Product Type C. Entry/Exit.

Sources of Market Power

Market Structure What is MARKET? What is MARKET STRUCTURE ? A market is a medium where sellers meet buyers to exchange goods and services. Market Structure.

E. Napp Perfect Competition In this lesson, students will identify characteristics of perfectly competitive markets. Students will be able to identify.

Economics Learning Steps 9/28/10. Standards & Elements SSEMI4 The student will explain the organization and role of business and analyze the four types.

MARKET STRUCTURE CHARACTERISTICS. MARKET STRUCTURE FEATURES When Adam Smith published An Inquiry into the Nature and Causes of the Wealth of Nations (Wealth.

Competitive?. Market Structures Objectives Recognize key components of a market structure. Identify the four market structures and explain characteristics.

Perfect Competition Many buyers & sellers (no individual has mkt power) Homogeneous product – no branding or differentiation Perfect information – consumers.

 Students will describe the four conditions that are in place in a perfectly competitive market  Students will list two common barriers that prevent.

 Relatively few industries conform to strict characteristics of perfect competition & monopoly  In most industries: ◦ Competition exists because there.

Market Structures 4 Different Types.

Perfect Competition Section 1

Sorghum Production (bushels)

Market Structures Lesson 10 Module 57.

ECN 201: Principles of Microeconomics

Perfect Competition Many buyers & sellers (no individual has mkt power) Homogeneous product – no branding or differentiation Perfect information – consumers.

Managing Human Resources and Labor Relations.

Monopolistic Competition

Perfect Competition Lesson 11 Sections 58, 59, 60.

Sorghum Production (Bushels)

Sorghum Production (Bushels)

Perfect Competition Large no of buyers & sellers Homogenous products

Perfect Competition and Monopolistic Competition

a. What is the output produced by this monopolistic competitor?

Market Structure and Competition

Shifts in Supply and Demand

Chapter Seventeen: Markets Without Power.

Market Structures Perfect Competition.

Chapter 14 Perfectly Competitive Markets

Perfect Competition.

Features and Appraisal of New Economic Policy

Marginal, Average & Total Revenue

4 Market Structures Candy Markets Simulation.

EQ #7 – AGEC 105 – October 15, 2012 E MC $ 1.

Chapter 7 Section 1.

Perfect Competition Market where there are numerous buyers and sellers

Intro to Market Structures

Market Structures Pure Monopoly Perfect Competition

Characteristics of Market Structures

Bellwork 1. Incomes increase. In a graph of the market for bus rides (an inferior good) we would expect: a. The demand curve to shift to the left b. The.

Other Market Structures

Perfect Competition Chapter 7 Section 1.

FOUR TYPES OF MARKET STRUCTURES

Introduction to Production and Resource Use

Perfect Competition In this lesson, students will identify characteristics of perfectly competitive markets. Students will be able to identify and/or.

4th National Retrosynthesis Competition - First Round Entry

Presentation transcript:

EQ #6 – AGEC 105 – October 8, 2012 This EQ is worth 3 points. 1. (a) Labor (hours) Corn Production (bushels) 20 60 30 72 The relationship between labor and corn production is technically referred to as the _________________. (b) What is the MPP of labor? (c) What is the APP of labor when labor is 30 hours? (d) To what stage of production does this situation correspond? 2. Which of the following is NOT a condition for perfect competition? (a) a large number of buyers and sellers (b) no barriers to entry and exit (c) differentiated products (d) none of the above